Kainos, a Northern Ireland-based technology company, has joined the venture capital consortium investing £1.8m ($2.6m) in SpeechStorm, a spin-out of its speech software division.
Crescent Capital, a Northern Ireland-based venture capital firm, led the deal for SpeechStorm, which provides interactive voice response software. The other investors were SpeechStorm’s three senior managers, Oliver Lennon, Damian Kelly and Brendan McCarthy.
SpeechStorm was first established as a business unit within Kainos in 2007 and has since worked with Eircom, Ireland’s biggest telecommunications provider, Allied Irish Bank, retailer Comet and telecoms company Etisalat.